SAR - (add security name)

RNS Number:8447P
Collins Stewart Ld
11 January 2002

                                                                    FORM SAR 3

Lodge with Company Announcements Office and Newstrack, if appropriate, and the
Takeover Panel. A copy must also be sent to the company the shares of which
are acquired.

                                          Date of disclosure 11th January 2002

  DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING SUBSTANTIAL ACQUISITIONS OF
                               SHARES ("SARs")

Date of acquisition 10th January 2002

Acquisition in Highway Capital Plc.......................(name of company)

(1)     Class  Number of shares/    If rights over shares acquired, as opposed
of voting      rights over shares   to the shares themselves, specify nature of
shares         acquired             rights

(eg ordinary
shares)

               400,000              ....................................
               shares
Ordinary
2p Shares






                                   Resultant total holding of rights Total
    (2)     Resultant total        over shares (and % of total       percentage
    holding of voting shares (and  voting shares in issue)
    % of total voting shares in
    issue)                         ..... ( Nil %)

     2,261,049 (28.46%)                                              2,261,249
                                                                     (28.46%)



 3. Party making disclosure Collins Stewart Limited on behalf Collins Stewart
    (CI)

(4)     (a)     Name of person acquiring shares or rights over shares Command
                Fund Limited

          and, if different, beneficial owner ..............................


 b. Names of any other persons acting by


         agreement or understanding (see SAR 5) Gelante Interantional Limited

    Signed, for and on behalf of the party named in (3) above ...............
    ..............................................

(Also print name of signatory) Douglas R Manuel

Telephone and extension number 0207 523 8298

_____________________________________


        Note.     Under SAR 5, the holdings of and acquisitions by persons
        acting by agreement or understanding must be aggregated and treated as
        a holding of or acquisition by one person. Note 3 on SAR 5 requires
        persons who must aggregate holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129.

Highway Capital (LSE:HWC)
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